Cyprus Property News

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We give sharp, insightful comments on issues affecting the Cypriot property market. No nonsense reflection of current events and market trends as well as news on property tax and general legalization changes in Cyprus.

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Cyprus Property News

I am thinking of buying a property in Paphos, but worried about BREXIT.

Date: 25/07/16

As the UK “waves” good bye to the EU, what are the prospects for owners of Cypriot property?

Firstly, Cyprus is a member of the Commonwealth with ties to the UK predating the very creation of the EU by over 100 years. Cypriots and the British are tied through links that go much deeper than the Lisbon or Maastricht treaty. Not only is Cyprus classed as “home” by tens of thousands of expat pensioners who enjoy a favourable 5% tax on pension income, but London is also home to many Cypriots and it is often joked that there are more Cypriots in London than in Cyprus itself!

Now as Cyprus remains within the EU and the UK BREXITs what will happen to the citizens of each country currently living and working or perhaps retired in the other country? It is obvious that people who have obtained permanent residency permits while the UK is still in the EU will have a legal right to reside in their host country. Such settlement between UK and EU is simply apparent. After all, there is twice as many EU citizens in the UK as there are British living in the EU.

Taking Cyprus in isolation the long standing links thought the Commonwealth and language (remember, 80 % of Cypriots speak English as a second language that’s vs only 22% in Spain) will see Cyprus remaining very British friendly. As the world keeps turning you should not “wait and see”. Make your choice now and leave the politics to the politicians! If you plan to retire in Cyprus or want to relocate here to live and work it will be important to make the move before BREXIT comes to effect, so you apply for permanent residency as an EU citizen now. Permanent residency permits are issued once and are given for life for EU citizens. We can’t see any chance of such permits to be revoked post BREXIT.

Enjoy your life here and now with a quality resale property in the sun from Cyprus Resales.